After 23 years of working for The Man, I quit my job to start working for Myself. Pinned to the bulletin board in my home office are two New York Times quotes from smart people:

"Most people work 40-plus hours a week at jobs they don't like to buy things they don't need." —anticonsumerist Madeline Nelson

"I had one of the best jobs in the world, but there is a world of opportunity." —Chris Sacca, former head of special initiatives at Google

In the years since I quit, I've looked at these quotes every day. And during weeks when I'm not receiving any accounts receivable, they still affirm what I'm doing.

The American Dream has been roughed up lately. There is doubt where there once was direction. There is retrenching instead of renaissance. But there is one place where you can still dirty your hands with hope, display your ingenuity, taste a measure of independence, and feel a bit like your great-granddad must have felt--fresh off the boat, testing your potential.

I'm talking about starting a business. And I know you've thought about it, too. Maybe you've been developing an invention in your head for years and now you're considering patenting it. Or maybe you have a special family recipe or an idea for a kick-ass Web site, or you simply wonder what you could become if you put as much effort into working for yourself as you now do for someone else.

"In an economic downturn, entrepreneurship is usually the savior," says Chad Moutray, Ph. D., the director of economic research for the Office of Advocacy at the Small Business Administration (SBA).

We'll show you how to evaluate and act on your dream. Although you may find it difficult to believe in the government, the economy, and even the future, there's still one thing you can have unwavering faith in: yourself.

Opening a Business in Paradise

RISK RATING High START-UP REQUIREMENTS A Jimmy Buffett-style disdain for the status quo BEST FOR An adventurous outdoorsman with minimal responsibilities WORST FOR The family man MOST COMMON SCREWUP Not spending enough time in "paradise" first

Richard Difede is describing the view from his office window. "I see six palm trees and a stand of mangroves. And beyond that, I know there's a beautiful bay where people are surfing and sailing. It's 88 and sunny." For his morning commute, he drives a winding coastal road past a spot where Columbus landed during his travels through the New World.

Difede is the president of Gold Coast Yachts in St. Croix, U. S. Virgin Islands ( goldcoastyachts.com). Since he left the mainland 30-plus years ago, he has evolved from surf bum to savvy island entrepreneur who employs 60 people in a multimillion-dollar yacht-building business.

But even though he's admittedly on vacation within 5 minutes of leaving the office, Difede still logs 50-hour weeks and deals with many of the same headaches that regular working men do. And therein lies the fantasy and the reality of starting a business in paradise.

"Tourists come here and they're overwhelmed by the environment," says Difede, 56. "They forget their common sense, whether they're drinking rum daiquiris or deciding to come back next week and open a business. Life is good here, and there's a lot of opportunity, but you have to be smart about it."

Determine what's driving you. "Paradise is a state of mind," says Difede, who points out that the place where he grew up and couldn't wait to leave—Franklin Township, New Jersey—was ranked fifth on Money magazine's 2008 list of best small cities. "Are you running away from something, or running toward a deep, lifelong dream? It's important to determine which of those questions defines you."

Consider the wife and kids. If you have a family, their happiness will largely determine yours. "Kids generally love the tropics," says Difede, "and the private schools can be quite good. But if your wife is used to moving from air-conditioned house to air-conditioned car to air-conditioned Starbucks to air-conditioned shopping mall, it's going to be a challenge for her."

Immerse yourself in the culture. Don't judge the place on the basis of a week at an all-inclusive. Visit it multiple times. In fact, if you're considering opening a dive shop or bar, for example, work in one for a while to be sure your vision matches the 9-to-5.

Look for islands that fly the Stars and Stripes. You can find an exotic location without leaving the States. There's Hawaii, of course, but there are also U. S. territories. Difede recommends the Virgin Islands because of its "spectacular" tax program. For instance, if your business meets Economic Development Authority guidelines (usvieda.org), 90 percent of its eligible net revenue will be income tax-exempt.